People seem to like the idea. But will it work?
B.C.’s new tax on foreign buyers seeking homes in Metro Vancouver kicks in Tuesday.
After seeming to ignore the issue for months, the Clark government finally takes decisive action: a 15 percent tax on foreign buyers seeking homes in Metro Vancouver.
Critics point to the various loopholes, but with an election not far off, it seems to be a winner for the Clark government, taking momentum on the file away from the NDP.
The real estate industry has been slammed with home-buyers hoping to close deals before it takes effect.
Notary Akash Sablok says that while his firm was able to finish some deals already in progress, they had to turn many away.
“We want to of course make sure that we do every single file properly. We have to do our due diligence. And of course we have to have to have time to have the clients sign and explain the transaction. And it was getting to the point where we actually have to say no, because we physically can not do the file properly.”
Sablok says his office was open Saturday, but other firms kept things running all weekend to try and get paperwork filed by the end of today.
“One notary friend of mine basically slept in her office all night to get the files completed.”
He says about two to three percent of his clients were looking to get deals closed by the deadline.
Most seem to agree it will take some time to truly determine if the new tax will cool down the market.